Previously, Kaja Kallas, Vice-President of the European Commission, proposed extending the mandate of Operation Aspides to boost security in the Strait of Hormuz amid rising tensions and energy disruptions. StanChart estimates that the Middle East war has cut global oil supply by 7.4-8.2 million barrels per day (mb/d), with Iraq’s production down by 2.9 mb/d, 2.0-2.5 mb/d in Saudi Arabia, 0.5-0.8 mb/d in the UAE, 0.5 mb/d in Qatar and 0.5 mb/d in Kuwait. To wit, Saudi Arabia is utilizing the temporary additional capacity in the East-West pipeline to raise transit volumes to the Red Sea to 7 mb/d.
Author: Alex Kimani
Published at: 2026-03-17 23:00:00
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